Enerplus Q1 2023 Update

NON-OPERATED MARCELLUS Core acreage position in the Marcellus dry gas window. Enerplus Marcellus capital spending enerPLUS MARCELLUS POSITION - NE PENNSYLVANIA $ Millions $31 $58 Enerplus Marcellus production MMcf/d 153 158 $57 -74% ■ Current NYMEX natural gas prices are over 50% lower than 2022 (1) $15 ■Marcellus drilling and completions activity down significantly y-o-y ■ Reduced activity 169 -8% -155 resulting in lower y-o-y production 2020 2021 2022 2023E 1) NYMEX natural gas prices averaged $6.64/Mcf in 2022 and prices year to date have averaged <$3.00/Mcf. Lycoming Bradford Susquehanna Wyoming Sullivan Marcellus pricing exposure (ROY) Approx. % of natural gas sales 18% ■Leidy ■TZ6 Non-NY ■Gulf Coast 60% -$0.75/Mcf Expected 2023 differential vs NYMEX 19% ■ Other 3% 19

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